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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Glu Mobile Inc | NASDAQ:GLUU | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 12.50 | 13.00 | 12.50 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
Glu Mobile Inc. (NASDAQ:GLUU), a leading global publisher of 3D Social Mobile games for smartphone and tablet devices, today announced financial results for its first quarter ended March 31, 2011.
“Our 3D social mobile games strategy continued to gain traction in the first quarter with non-GAAP smartphone revenues increasing 98% sequentially from the fourth quarter of 2010 to $6.7 million,” stated Niccolo de Masi, Chief Executive Officer of Glu. “The majority of the new titles launched thus far in 2011 are enjoying considerable success and resonating with users worldwide. These new titles combined with our persistent successes of Q4 2010 drove 20.0 million new installs in Q1 2011 across iOS and Android devices and social networking websites. New development partnerships announced during the quarter will further underpin growth in the Glu community worldwide.”
First Quarter 2011 Financial Highlights:
Selected First Quarter of 2011 Operating Highlights and Metrics:
Recent Developments and Strategic Initiatives:
A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
“Our strong first quarter results highlight the successful execution of our cross-platform social gaming strategy,” stated Eric R. Ludwig, Glu’s Chief Financial Officer. “Investing in our growth remains a key priority as we focus on building and leveraging our mobile gaming platform. With a strengthened balance sheet and a commitment to allocating resources to our key growth initiatives, we are well positioned to become one of the leading mobile freemium game providers in the industry.”
Business Outlook as of May 3, 2011:
The following forward-looking statements reflect expectations as of May 3, 2011. Results may be materially different and are affected by many factors, such as: consumer demand for mobile entertainment and specifically Glu’s mobile products; consumer demand for mobile handsets, including smartphones and next-generation platforms; development delays on Glu's products; continued uncertainty in the global economic environment; competition in the industry; storefront featuring and premium deck placement; smartphone storefronts, carriers and other distributors maintaining their networks and provisioning systems to enable consumer purchases; changes in foreign exchange rates; Glu's effective tax rate and other factors detailed in this release and in Glu's SEC filings.
Second Quarter Expectations – Quarter Ending June 30, 2011:
Quarterly Conference Call
Glu will discuss its quarterly results via teleconference today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). Please dial (877) 311-0653, or if outside the U.S., (706) 634-7186, with conference ID # 57750109 to access the conference call at least five minutes prior to the 1:30 p.m. Pacific Time start time. A live webcast and replay of the call will also be available at will also be available on the investor relations portion of the company's website at www.glu.com/investors. An audio replay will be available between 4:30 p.m. Pacific Time, May 3, 2011, and 8:59 p.m. Pacific Time, May 10, 2011, by calling (800) 642-1687, or (706) 645-9291, with conference ID # 57750109.
Use of Non-GAAP Financial Measures
To supplement Glu's unaudited condensed consolidated financial statements presented in accordance with GAAP, Glu uses certain non-GAAP measures of financial performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Glu's results of operations as determined in accordance with GAAP. The non-GAAP financial measures used by Glu include historical and estimated non-GAAP revenues, non-GAAP smartphone revenues, non-GAAP freemium revenues, non-GAAP operating loss, non-GAAP net loss and non-GAAP basic and diluted net loss per share. These non-GAAP financial measures exclude the following items from Glu's unaudited consolidated statements of operations:
Glu may consider whether other significant non-recurring items that arise in the future should also be excluded in calculating the non-GAAP financial measures it uses.
Glu believes that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding Glu's performance by excluding certain items that may not be indicative of Glu's core business, operating results or future outlook. Glu's management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing Glu's operating results, as well as when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate comparisons of Glu's performance to prior periods.
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements, including those regarding our "Business Outlook" ("Second Quarter Expectations – Quarter Ending June 30, 2011"); our belief that new development partnerships announced during the first quarter of 2011 will further underpin growth in the Glu community worldwide; that investing in our growth remains a key priority as we focus on building and leveraging our mobile gaming platform; and our belief that we are well positioned to become one of the leading mobile freemium game providers in the industry. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Investors should consider important risk factors, which include: the risks identified under "Business Outlook"; the risk that growth of smartphones and advanced networks does not grow as significantly as we anticipate or that we will be unable to capitalize on any such growth; the risk that we do not realize a sufficient return on our investment with respect to our efforts to develop persistent-state, freemium games for smartphones and advanced platforms, the risk that our development expenses for games for smartphones are greater than we anticipate; the risk that our recently and newly launched games are less popular than anticipated; the risk that our newly released games will be of a quality less than desired by reviewers and consumers; the risk that the mobile games market, particularly with respect to social, persistent gaming, is smaller than anticipated; the risk that the slowdown in sales of feature phones in our traditional carrier-based business accelerates more rapidly than we anticipate; and other risks detailed under the caption "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission on March 21, 2011 and our other SEC filings. You can locate these reports through our website at http://www.glu.com/investors. We are under no obligation, and expressly disclaim any obligation, to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
About Glu Mobile
Glu Mobile (NASDAQ:GLUU) is a leading global publisher of 3D Social Mobile games for smartphone and tablet devices. Glu's unique technology platform enables its titles to be accessible to a broad audience of consumers all over the world - supporting iOS, Android, Palm, Windows Phone 7 devices and beyond. Glu is focused on bringing the best in social, freemium, cross-platform mobile gaming experiences to the mass market. Founded in 2001, Glu is headquartered in San Francisco and has major offices in Brazil, China, Russia and the UK. Glu is focused on creating compelling original IP and also partners with leading entertainment brands including Activision, Atari, Caesar's and Fox. Consumers can find high-quality, fresh entertainment created exclusively for their mobile devices wherever they see the 'g' character logo or at www.glu.com. For live updates, please follow Glu via Twitter at www.twitter.com/glumobile or become a Glu fan at Facebook.com/glumobile.
BUG VILLAGE, GUN BROS, SUPER KO BOXING, GLU, GLU MOBILE and the 'g' character logo are trademarks of Glu Mobile Inc. Other trademarks used in this press release are the properties of their respective owners.
In the financial tables below, Glu has provided a reconciliation of the most comparable GAAP financial measure to each of the historical non-GAAP financial measures used in this press release.
Glu Mobile Inc. Consolidated Balance Sheets (in thousands) (unaudited) March 31, December 31, 2011 2010 ASSETS Cash and cash equivalents $ 24,388 $ 12,863 Accounts receivable, net 11,968 10,660 Prepaid royalties 1,083 2,468 Prepaid expenses and other current assets 1,687 2,557 Total current assets 39,126 28,548 Property and equipment, net 2,645 2,134 Other long-term assets 634 574 Intangible assets, net 8,006 8,794 Goodwill 4,796 4,766 Total assets $ 55,207 $ 44,816 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 6,370 $ 5,666 Accrued liabilities 923 939 Accrued compensation 3,219 4,414 Accrued royalties 6,015 7,234 Accrued restructuring 1,384 1,689 Deferred revenues 1,577 842 Current portion of long-term debt - 2,288 Total current liabilities 19,488 23,072 Other long-term liabilities 7,847 7,859 Total liabilities 27,335 30,931 Common stock 5 4 Additional paid-in capital 220,643 203,464 Accumulated other comprehensive income 1,138 1,159 Accumulated deficit (193,914 ) (190,742 ) Stockholders' equity 27,872 13,885 Total liabilities and stockholders' equity $ 55,207 $ 44,816Glu Mobile Inc. Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended March 31, March 31, 2011 2010 Revenues $ 16,426 $ 17,289 Cost of revenues: Royalties and impairment of prepaid royalties and guarantees 3,840 4,691 Amortization of intangible assets 817 1,228 Total cost of revenues 4,657 5,919 Gross profit 11,769 11,370 Operating expenses: Research and development 7,166 6,661 Sales and marketing 3,757 2,971 General and administrative 2,934 3,813 Amortization of intangible assets - 55 Restructuring charge 490 594 Total operating expenses 14,347 14,094 Loss from operations (2,578 ) (2,724 ) Interest and other income/(expense), net: Interest income 22 7 Interest expense (40 ) (304 ) Other income/(expense), net 198 (334 ) Interest and other income/(expense), net 180 (631 ) Loss before income taxes (2,398 ) (3,355 ) Income tax provision (774 ) (301 ) Net loss $ (3,172 ) $ (3,656 ) Net loss per share - basic and diluted $ (0.06 ) $ (0.12 ) Weighted average common shares outstanding - basic and diluted 52,048 30,458 Stock-based compensation expense included in: Research and development $ 100 $ 164 Sales and marketing 66 73 General and administrative 231 287 Total stock-based compensation expense $ 397 $ 524
Glu Mobile Inc. GAAP to Non-GAAP Reconciliation (in thousands, except per share data) (unaudited) For the Three Months Ended March 31, June 30, September 30, December 31, March 31, 2010 2010 2010 2010 2011 GAAP revenues Featurephone $ 15,106 $ 13,707 $ 13,090 $ 12,572 $ 10,478 Smartphone 2,183 2,245 2,378 3,064 5,948 Total GAAP revenues 17,289 15,952 15,468 15,636 16,426 Change in deferred revenues Featurephone 319 (61 ) (214 ) (467 ) (63 ) Smartphone (64 ) (17 ) 95 337 798 Total change in deferred revenues 255 (78 ) (119 ) (130 ) 735 Non-GAAP Revenues Featurephone 15,425 13,646 12,876 12,105 10,415 Smartphone 2,119 2,228 2,473 3,401 6,746 Total non-GAAP Revenues 17,544 15,874 15,349 15,506 17,161 GAAP gross profit 11,370 10,003 10,525 10,915 11,769 Change in deferred revenues 255 (78 ) (119 ) (130 ) 735 Amortization of intangible assets 1,228 1,006 1,009 983 817 Change in deferred royalty expense (100 ) 21 71 172 33 Non-GAAP gross profit 12,753 10,952 11,486 11,940 13,354 GAAP operating expense 14,094 12,463 11,710 15,995 14,347 Stock-based Compensation (524 ) (349 ) (355 ) (340 ) (397 ) Amortization of intangible assets (55 ) (52 ) (53 ) (45 ) - Restructuring charge (594 ) (693 ) - (2,342 ) (490 ) Non-GAAP operating expense 12,921 11,369 11,302 13,268 13,460 GAAP operating income/(loss) (2,724 ) (2,460 ) (1,185 ) (5,080 ) (2,578 ) Change in deferred revenues 255 (78 ) (119 ) (130 ) 735 Non-GAAP cost of revenues adjustment 1,128 1,027 1,080 1,155 850 Stock-based Compensation 524 349 355 340 397 Amortization of intangible assets 55 52 53 45 - Restructuring charge 594 693 - 2,342 490 Non-GAAP operating income/(loss) (168 ) (417 ) 184 (1,328 ) (106 ) GAAP net loss (3,656 ) (3,218 ) (1,603 ) (4,946 ) (3,172 ) Change in deferred revenues 255 (78 ) (119 ) (130 ) 735 Non-GAAP cost of revenues adjustment 1,128 1,027 1,080 1,155 850 Non-GAAP operating expense adjustment 1,173 1,094 408 2,727 887 Foreign currency exchange loss/(gain) 332 429 (177 ) 115 (198 ) Non-GAAP net loss $ (768 ) $ (746 ) $ (411 ) $ (1,079 ) $ (898 ) Reconciliation of net loss and net loss per share: GAAP net loss per share - basic and diluted $ (0.12 ) $ (0.10 ) $ (0.04 ) $ (0.11 ) $ (0.06 ) Non-GAAP net loss per share - basic and diluted $ (0.03 ) $ (0.02 ) $ (0.01 ) $ (0.02 ) $ (0.02 ) Shares used in computing basic and diluted net loss per share 30,458 30,676 36,042 44,579 52,048 Non-GAAP operating expense break-out: GAAP research and development $ 6,661 $ 6,229 $ 5,858 $ 6,432 $ 7,166 Stock-based Compensation (164 ) (116 ) (104 ) (96 ) (100 ) Non-GAAP research and development 6,497 6,113 5,754 6,336 7,066 GAAP sales and marketing 2,971 2,437 2,692 4,040 3,757 Stock-based Compensation (73 ) (40 ) (50 ) (54 ) (66 ) Non-GAAP sales and marketing 2,898 2,397 2,642 3,986 3,691 GAAP general & administrative 3,813 3,052 3,107 3,136 2,934 Stock-based Compensation (287 ) (193 ) (201 ) (190 ) (231 ) Non-GAAP general and administrative $ 3,526 $ 2,859 $ 2,906 $ 2,946 $ 2,703
In addition to the reasons stated above, which are generally applicable to each of the items Glu excludes from its non-GAAP financial measures, Glu believes it is appropriate to exclude certain items for the following reasons:
Change in Deferred Revenue and Royalties. At the date we sell certain premium games and micro-transactions, Glu has an obligation to provide additional services and incremental unspecified digital content in the future without an additional fee. In these cases, we account for the sale of the software product as a multiple element arrangement and recognize the revenue and any associated royalty expense on a straight-line basis over the estimated life of the user. Internally, Glu’s management excludes the impact of the changes in deferred revenue and royalties related to its premium and freemium games in its non-GAAP financial measures when evaluating the company’s operating performance, when planning, forecasting and analyzing future periods, and when assessing the performance of its management team. Glu believes that excluding the impact of the changes in deferred revenue and royalties from its operating results is important to facilitate comparisons to prior periods during which Glu did not delay the recognition of significant amounts of revenue related to its games and to understand Glu’s operations.
Amortization of Intangible Assets. When analyzing the operating performance of an acquired entity, Glu's management focuses on the total return provided by the investment (i.e., operating profit generated from the acquired entity as compared to the purchase price paid) without taking into consideration any allocations made for accounting purposes. Because the purchase price for an acquisition necessarily reflects the accounting value assigned to intangible assets (including acquired in-process technology and goodwill), when analyzing the operating performance of an acquisition in subsequent periods, Glu's management excludes the GAAP impact of acquired intangible assets to its financial results. Glu believes that such an approach is useful in understanding the long-term return provided by an acquisition and that investors benefit from a supplemental non-GAAP financial measure that excludes the accounting expense associated with acquired intangible assets.
In addition, in accordance with GAAP, Glu generally recognizes expenses for internally-developed intangible assets as they are incurred until technological feasibility is reached, notwithstanding the potential future benefit such assets may provide. Unlike internally-developed intangible assets, however, and also in accordance with GAAP, Glu generally capitalizes the cost of acquired intangible assets and recognizes that cost as an expense over the useful lives of the assets acquired (other than goodwill, which is not amortized, and acquired in-process technology, which is expensed immediately, as required under GAAP). As a result of their GAAP treatment, there is an inherent lack of comparability between the financial performance of internally-developed intangible assets and acquired intangible assets. Accordingly, Glu believes it is useful to provide, as a supplement to its GAAP operating results, a non-GAAP financial measure that excludes the amortization of acquired intangibles.
Stock-Based Compensation Expense. Glu adopted ASC 718, "Compensation – Stock Compensation" beginning in its fiscal year ended December 31, 2006. When evaluating the performance of its consolidated results, Glu does not consider stock-based compensation charges. Likewise, Glu's management team excludes stock-based compensation expense from its short and long-term operating plans. In contrast, Glu's management team is held accountable for cash-based compensation and such amounts are included in its operating plans. Further, when considering the impact of equity award grants, Glu places a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants.
Glu believes it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of its business. In addition, given Glu's adoption of ASC 718 beginning with its fiscal year ended December 31, 2006, Glu believes that a non-GAAP financial measure that excludes stock-based compensation will facilitate the comparison of its year-over-year results.
Restructuring Charges. Glu undertook restructuring activities in the first quarter of 2011 and recorded (1) a non-cash restructuring charge due to vacating a portion of its offices in Russia and (2) cash restructuring charges due to the termination of certain employees in its Brazil, China and Russia offices. In the first, second and fourth quarters of 2010, Glu recorded restructuring charges related to the termination of certain employees in its China, United States and European offices. Glu recorded the severance costs as an operating expense when it communicated the benefit arrangement to the employee and no significant future services, other than a minimum retention period, were required of the employee to earn the termination benefits. Additionally, in the fourth quarter of 2010, Glu recorded facility-related restructuring charges resulting from the relocation of its corporate headquarters to San Francisco. Glu believes that these restructuring charges do not reflect its ongoing operations and that investors benefit from a supplemental non-GAAP financial measure that excludes these charges.
Foreign currency exchange gains and losses. Foreign currency exchange gains and losses represent the net gain or loss that Glu has recorded for the impact of currency exchange rate movements on cash and other assets and liabilities denominated in foreign currencies related to the revaluation of assets and liabilities. Accordingly, foreign currency exchange gains and losses are generally unpredictable and can cause Glu’s reported results to vary significantly. Due to the unusual magnitude of these gains and losses, and the fact that Glu has not engaged in hedging or taken other actions to reduce the likelihood of incurring a sizeable net gain or loss in future periods, Glu began, with the quarter ended December 31, 2008, to present non-GAAP net loss and net loss per share excluding foreign exchange gains and losses for comparability purposes. Glu believes that these gains and losses do not reflect its ongoing operations and that investors benefit from a supplemental non-GAAP financial measure that excludes these items, enabling investors to compare Glu’s core operating results in different periods without this variability. Foreign exchange gains/(losses) recognized during 2010 and 2011 were as follows (in thousands):
March 31, 2010 $ (332 ) June 30, 2010 (429 ) September 30, 2010 177 December 31, 2010 (115 ) FY 2010 $ (699 ) March 31, 2011 $ 198
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